Despite yesterday’s drop in Bitcoin (BTC) prices by 8%, which drove many Bitcoin buyers out of the market, there is only a slight decrease in altcoin trading, as ether trading (ETH) challenges the weak peak trend in the last peaks of all bitcoin indexes. ,
However, Altcoin bears quickly emerge from the jungle, and shorts against many altcoin coins quickly pile up in the midst of the recent fall of Bitcoin.
Despite the fact that many altcoin bulls continue to work, despite the increase in shorts, many leading cryptocurrencies can see an increase in clearance regardless of which direction the markets will eventually go.
Bitcoin purchases plummet
The BTC shake led to long-term acquisitions of Bitfinex by more than 10%, falling from 28,800 to a little less than 26,000. Short positions of BTC / USD also grew by almost 16%.
The crash also led to the massive curtailment of crypto derivatives exchanges: margin calls on BitMEX amounted to more than $ 71 million, and on Binance futures – $ 66 million, which became the third largest daily qualification in the last month. according to the crypto scale.
Bulls crave for sustainable
Although alternative currencies have not seen significant trade-offs between futures platforms, a sharp surge in short positions along with stubborn bulls can create the perfect storm for a continuous round of margin calls.
While many Bitcoin speculators quickly became bearish, the desire for ETH has shown a slight increase of 2.5% – the latest record highs of 1.77 m are currently being tested on Bitfinex.
Continuous buying activity indicates that some market participants expect Ether to continue to profit from the dollar, despite bearish signals in the bitcoin markets.
Altcoin prices rise unexpectedly
However, the collapse of Bitcoin also led to a sharp increase in short selling positions for ETH / USD, which grew by more than 18% in less than 60 minutes.
Similar trends can be observed in other leading Altcoin markets: Litecoin (LTC) sales fell by only 2.5%, shorts increased by more than 30%, XRP Bulls retreated by only 3.5%, and trousers jumped by 15% during a few hours.